HONG KONG, July 1 News and developments in Asia
private equity from Reuters News for the week ending June 28.
PRIVATE EQUITY firm Boyu Capital, whose partners include
former TPG executive Mary Ma and the grandson of former China
president Jiang Zemin, is planning to raise its second fund and
is seeking $1.5 billion, according to people familiar with the
CHINA'S $500 billion sovereign wealth fund China Investment
Corp has appointed cabinet official Ding Xuedong as its
new chairman, two sources said, ending a three-month search.
U.S. PRIVATE equity firm TPG is interested in
investing in Japanese conglomerate Seibu Holdings by either
buying a stake from top shareholder Cerberus Capital Management
or by acquiring new shares, people with knowledge of
the matter said.
JAPAN'S LIXIL Group Corp said it will buy toilet
and plumbing facilities maker ASD Americas Holding Corp
(American Standard) for $542 million, acquiring shares from a
unit of private equity firm Sun Capital Partners.
BUYOUT FIRM CVC Capital Partners has raised more
than the 10.5 billion euros ($13.7 billion) it can accept for
its latest flagship fund in just six months and will have to
turn down money, a person familiar with the matter said.
CARLYLE GROUP backed GDC Technology, which makes and
sells digital-cinema servers, has postponed its Nasdaq IPO of up
to $80.43 million, IFR reported citing sources. GDC had been set
to become the second Chinese company to launch a U.S. IPO this
year, after online retailer LightInTheBox Holding
raised $79 million earlier in June.
SOUTH KOREA said it would put 14 units of Woori Finance
Holdings up for sale by the end of next year, stressing that its
fourth attempt to privatise the country's largest financial
holding company would be speedy and buyer-friendly.
A CHINESE investor and a French private equity firm have won
over Club Med with an improved 557 million euros ($729
million) takeover bid, seeking to accelerate a shift at the
holiday resorts pioneer to fast-growing emerging markets.
CERBERUS CAPITAL Management failed in its push for a
management shakeup at Japan's Seibu Holdings, prompting the U.S.
private equity giant to hit out at the conglomerate for snubbing
MEIJI YASUDA Life Insurance Co has entered into
exclusive talks to buy a 15 percent stake in Thai Life Insurance
Co for around $700 million, people familiar with the matter told
Reuters, as Japanese insurers step up their presence in
STANDARD CHARTERED Bank and a Malaysian company
sponsored by SunEdison Inc, together with
Malaysia-based Sun Energy Ventures have signed 134 million
ringgit ($42.41 million) loan facilities for two solar projects
in Malaysia, Standard Chartered said in a statement.
CHINA'S HUARONG Asset Management Corp plans to raise up to
$2 billion by selling a stake of 15 percent to 20 percent, two
sources told Reuters, becoming the country's second asset
management company to offer a minority stake to outsiders.
THE U.S. Agency for International Development (USAID) said
it is partnering with Northern Lights Capital Group to invest in
India's renewable energy industry. Northern Lights will
contribute $100 million to Nereus Capital's India Alternative
Energy Fund, which includes a $40 million credit guarantee from
USAID. ($1 = 3.1595 Malaysian ringgits)